EUR/GBP has broken the resistance at 0.7117 (23/04/2015 low). However, a succession of lower highs suggests a weakening momentum. Hourly resistance can be found at 0.7283 (15/05/2015 high) and hourly support is now located at 0.7090 (21/05/2015)
In the long-term, prices are in an underlying declining trend. However, the potential successful test of the key support at 0.7089 (03/12/2007 low) and the general oversold conditions suggest a limited medium-term downside potential. A key resistance lies at 0.7592 (03/02/2015 high).